SAN FRANCISCO — Wells Fargo & Co. has appointed Mary Mack head of the company’s consumer lending business. The move expands the senior executive vice president’s responsibilities as head of community banking, which she has led since July 2016.
As head of consumer lending, Mack will not oversee the bank’s home lending, dealer service and the student and personal lines of credit business that make up its personal lending organization. In total, Mack’s new organization employs 115,000 team members.
“By combining community banking and consumer lending, we are creating a more holistic approach to delivering retail banking services to our customers, which will only enhance how we help our customers succeed financially,” said President and CEO Tim Sloan. “Mary’s proven leadership skills, resiliency and the principled way she has driven change throughout her career have earned her the respect of her customers, colleagues and teams, and the opportunity to lead this combined organization.”
The announcement comes about a month after the bank dismissed its former head of consumer lending, Franklin Codel, for disparaging a bank regulator to a fired employee, who reported the executive’s comments to bank officials. Now subject to tighter regulatory oversight due to its 2016 sales scandal, the bank fired Codel once top Wells Fargo officials became aware of his comments.
Mack is a 33-year veteran of Wells Fargo and has led the transformation of community banking, including the elimination of product sales goals, and implementation of new compensation plans and training programs. She was also responsible for implementing improved monitoring and controls, comprehensive process improvements to reshape the customer experience, and restructured regional leadership.
Prior to taking on the leadership role of community banking, Mack was head of Wells Faro Advisors retail brokerage business. In her new role, Mack will continue to serve on the company’s operating committee and report to Sloan.
“I am incredibly excited about this opportunity to bring together these talented teams with a common purpose to provide the best in financial service and advice to our customers,” said Mack. “I look forward to engaging with the team as we chart the path forward to deliver exceptional experiences and value to our customers.”
In addition to community bank leaders, consumer lending leaders reporting directly to Mack include Michael DeVito, interim leader of Wells Fargo Home Lending, Laura Schupbach, head of Wells Fargo Dealer Services, and John Rasmussen, head of personal lending.
Originally posted on F&I and Showroom